MANHATTAN — You knew that the Upper East Side was expensive, but did you know that it's worth more than all of The Bronx?
It's worth more than Staten Island too.
The neighborhood's residential property values — totaling about $96 billion — not only beat every other neighborhood in the city and the two outer boroughs in home prices, it's worth more than North and South Dakota, New Hampshire, Vermont, Wyoming and Alaska, according to real estate data enthusiast and entrepreneur Max Galka, who runs a real estate data business called Revaluate.
For the Upper East Side, such a small area — roughly less than a square mile — to generate so much in property value, is striking, Galka said.
“A small portion of the world is wealthy enough to buy these things,” he said.
All Bronx homes, priced at $95 billion, come close to the Upper East Side's valuation and Staten Island generates $72 billion in property values.
Galka used sale prices from 2014, property value estimates from the Lincoln Institute and information from the latest U.S. census to create a series of interactive maps on his website Metrocosm, comparing total residential property values of each city borough and each state in the U.S.
According to his maps, of the nation’s $33 trillion in residential property values, New York City generates $1.5 trillion, and of that, Manhattan makes up $733 billion.
Brooklyn homes are worth $352 billion and Queens makes up $317 billion in real estate, the study shows.
“History has shown every time that people think New York City property is overvalued, and they tend to be proven wrong,” Galka said. “[The value] keeps going up, especially with all the developers building even more luxury high rises.”